Stryker Corporation (NYSE:SYK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, August 1st. The brokerage presently has a $166.00 price target on the medical technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 15.13% from the company’s current price.
According to Zacks, “Stryker exited the second quarter on a solid note, beating the Zacks Consensus Estimate on both counts. Solid performance in the MAKO platform drove revenues. An upbeat guidance for the full year instills investor confidence in the stock. Stryker has a diversified product portfolio. Continued strong demand for hemorrhagic and ischemic stroke products and neuro-powered instruments boosted sales in the neurotechnology segment. Stryker has had an impressive run on the bourse over the last three months, trading above the broader industry. However, volatility in foreign currency exchange is likely to impede revenue growth. Stryker's also faces supply-side headwinds and has been grappling with issues in the spine business for long. Also, China might prove to be a challenging market.”
A number of other equities research analysts have also recently commented on SYK. Oppenheimer Holdings, Inc. set a $135.00 target price on shares of Stryker Corporation and gave the company a “hold” rating in a research report on Saturday, April 8th. BMO Capital Markets reissued a “hold” rating and set a $125.00 target price on shares of Stryker Corporation in a research report on Tuesday, April 11th. Jefferies Group LLC restated a “hold” rating and set a $132.00 price target on shares of Stryker Corporation in a research note on Thursday, April 13th. Piper Jaffray Companies restated an “overweight” rating and set a $148.00 price target on shares of Stryker Corporation in a research note on Monday, April 17th. Finally, Needham & Company LLC restated a “sell” rating on shares of Stryker Corporation in a research note on Wednesday, April 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $144.03.
Stryker Corporation (SYK) traded up 0.19% during midday trading on Tuesday, hitting $144.18. The company had a trading volume of 847,631 shares. The firm has a market capitalization of $53.93 billion, a P/E ratio of 32.18 and a beta of 0.80. Stryker Corporation has a 52 week low of $106.48 and a 52 week high of $148.84. The firm’s 50 day moving average is $143.71 and its 200-day moving average is $135.51.
Stryker Corporation (NYSE:SYK) last announced its quarterly earnings results on Thursday, July 27th. The medical technology company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.02. Stryker Corporation had a net margin of 14.22% and a return on equity of 24.26%. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the prior year, the company earned $1.39 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts expect that Stryker Corporation will post $6.50 EPS for the current fiscal year.
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In other Stryker Corporation news, insider David Floyd sold 19,305 shares of Stryker Corporation stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $144.56, for a total transaction of $2,790,730.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lonny J. Carpenter sold 5,000 shares of Stryker Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $146.36, for a total transaction of $731,800.00. Following the completion of the transaction, the insider now owns 88,207 shares of the company’s stock, valued at approximately $12,909,976.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,810 shares of company stock valued at $4,754,958. Company insiders own 7.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bollard Group LLC increased its position in shares of Stryker Corporation by 0.4% in the first quarter. Bollard Group LLC now owns 829 shares of the medical technology company’s stock worth $109,000 after buying an additional 3 shares in the last quarter. Acrospire Investment Management LLC purchased a new position in shares of Stryker Corporation during the second quarter worth about $111,000. Motco increased its position in shares of Stryker Corporation by 50.7% in the second quarter. Motco now owns 826 shares of the medical technology company’s stock worth $115,000 after buying an additional 278 shares in the last quarter. Baystate Wealth Management LLC increased its position in shares of Stryker Corporation by 2.1% in the first quarter. Baystate Wealth Management LLC now owns 1,066 shares of the medical technology company’s stock worth $139,000 after buying an additional 22 shares in the last quarter. Finally, Bruderman Asset Management LLC purchased a new position in shares of Stryker Corporation during the second quarter worth about $150,000. Institutional investors own 73.99% of the company’s stock.
About Stryker Corporation
Stryker Corporation is a medical technology company. The Company offers a range of medical technologies, including orthopedic, medical and surgical, and neurotechnology and spine products. The Company’s segments include Orthopaedics; MedSurg; Neurotechnology and Spine, and Corporate and Other. The Orthopaedics segment includes reconstructive (hip and knee) and trauma implant systems and other related products.
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